SINGAPORE (Mar 15): RHB is reiterating its “buy” call on Singtel given its underperformance over the past year following its selldown.
RHB has also updated the target price to $4.10 to reflect a higher effective stake in Bharti Airtel.
The rerating comes after Singtel’s recent completion of its purchase of an additional 1.7% stake in Bharti Telecom for $539.4 million, which effectively raised its stake in the latter’s subsidiary Bharti Airtel to 39.5% from 38.6% previously.
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